Saturday, 12 May 2018

Weekly Spot Outlook Of Bank Nifty for 14th to 18th May

BANK NIFTY

This week Bank Nifty spot went up by 792 points before finally ending the week with a gain of 768 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 25805 to trigger uptrend and Bank Nifty spot needed to sustain and close below 25485 to trigger downtrend for the week. Bank Nifty made a high of 26437.25 and made a low of 25675.15 . 


As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25805 for a test of 25975 - 26015 initially and closing above it we can see a further move till 26160 - 26320 . Similarly on sustaining / closing below 25485 we can see a test of 25320 - 25275 initially and closing below it we can see a test of 25130 - 24975 . Those who are holding longs should now their trailing cbsl to 25485 and can hold further only on closing above 25805 with a further trailing cbsl of 25695 and look to book once near 25975 - 26015 unless we get a close above it . Those who are looking to short should wait for Bank Nifty to sustain / close below 25485 or near 25975 - 26015 with a strict cbsl of 26225 .   " , and Bank Nifty made a high of 26437.25 for the week . 


Now in the coming week Bank Nifty needs to break and sustain / close above 26520 for a test of 26625 - 26655 initially and closing above it we can see a further move till 26750 - 26850. Similarly on sustaining / closing below 26310 we can see a test of 26200 - 26175 initially and closing below it we can see a test of 26080 - 25975 . Those who are holding longs should now move their trailing cbsl to 26310 and can hold further only on closing above 26655 with a further trailing cbsl of 26445 . Those who are looking to short should wait for Bank Nifty to sustain / close below 26310.


For the month of May longs will be confirmed with a consecutive close above 25955 for a initial target of 26395 - 26510 and sustaining / closing above it we can see a further move till 26890 - 27310. Similarly shorts will be confirmed with a consecutive close below 25110 for a initial target of 24665 - 24555 and sustaining / closing below it we can see a further move till 24170 - 23750.  Bank Nifty has confirmed our monthly longs and has tested our initial targets of 26395 - 26510 . Now sustaining / closing above 26510 we can expect a test of the next targets.


Bank Nifty Spot Levels for the week are

Long above 26475 , Tgt 26520 - 26550 - 26580

IF Bank Nifty spot manages to get a close / sustain above 26625 then 

long again for 26655 - 26750 - 26850

Short below 26350 , Tgt 26310 - 26280 - 26245

IF Bank Nifty spot manages to get a close / sustain below 26200 then 

short again for 26175 - 26080 - 25975


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.